The Voting Members of the Federal Open Market Committee Consist

question 55

Multiple Choice

The voting members of the Federal Open Market Committee consist of the Board of Governors plus the ​

• A)President of the United States.
• B)presidents of the 12 Fed district banks.
• C)presidents of 5 Fed district banks.
• D)Federal Advisory Council.

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Definitions:

Real GDP

Real Gross Domestic Product (GDP) measures the value of all finished goods and services produced within a country's borders, adjusted for inflation, within a specific time period.

Price Level

The averaged-out price for the total spectrum of goods and services in the economy.

Nominal Wage

The wage paid to workers stated in current money terms, without adjustment for inflation.

Real Wage

The purchasing power of an individual's income, accounting for inflation and reflecting how many goods and services can be bought.